The biggest tax hike will be in Islington. The borough will face a tax increase of 27 per cent next year. The City of London is also facing a big change, with business rates set to rise by 25 per cent next year.

Mark Rigby, chief executive of business rates specialists CVS, said: "The purpose of the business rates re-evaluation is to try and achieve fairness by ensuring that tax liabilities are based upon up-to-date rental values.

"Businesses in London have just six months to prepare for this astronomical extra burden so it is essential that they consider a thorough check of their new tax assessment as there may well be scope for appeal."